English  |  Español

BUDGETING TUTORIAL

Budget: Tool commonly used to measure expenses against income. A written plan that helps people manage their money.
Down Payment: Initial payment, usually a large amount, used to reduce the amount financed.
Types of Expenses:

Fixed: Expenses due at a particular time or on a regular schedule. These expense amounts remain the same or change according to a known schedule (for example, rent or car payment).


Flexible: Expenses that occur by choice and are subject to change (for example, hobbies and entertainment).


Variable: Expenses that take place on a regular basis and are consistent and predictable, but the amounts change (for example, utilities and credit cards).

Types of Income:

Gross Income: Total amount of money earned before any taxes and payroll deductions are subtracted.


Net Income: Gross income minus taxes and payroll deductions; your take-home pay.


Bi-Weekly Income: Payment every two weeks (for example, every other Friday).


Semi-Monthly Income: Payment twice a month, such as on the 15th and the 30th.



 
To view this site properly, you will need the latest Flash Plug-in.
Click here to download the Flash Player.

See if you’re an instant winner of a Exxon® Mobil® Cash Card. Also enter for a chance to win one of two Grand Prizes:

 
- 2009 Chevy Cobalt
- 2009 Pontiac G6

 
New player? Register to play.
 
Button: Register to Play
 
Returning player? Login below.
 
Button: Log In